“…In fact, there are industries with high environmental impacts, so called environmentally-sensitive industries, and industries have a high political visibility because they have greater proximity to consumers, investors or employees (FernandezFeijoo et al, 2012). Consequently, the companies of environmentally-sensitive industries disclose more CSR information and their reports are externally assured in more proportion than companies installed in other industries because they seek the acceptance of their activities from stakeholders (Brammer & Pavelin, 2008;Kolk & Perego, 2010;Moroney et al, 2012;Toppinen et al 2012;Sierra et al, 2013;Alonso-Almeida et al, 2014). Thus, Industry1 is a control variable that measures the percentage of GRI reports disclosed by the high-risk industries over the total GRI reports by country and year.…”